Wetherell’s latest research reveals that since the beginning of the year in Mayfair, 44 properties have been sold (total value based on asking price £44.5m), with 26 properties currently under offer (total value based on asking price £34.7m).
So far this year there have been 47 properties new to the market for sale bringing the total number of properties fully available to 80 (63 flats, 17 houses) with an aggregate value, based on asking prices, of £115.6m.
Historically, the Mayfair market would normally show approximately 120 properties for sale. With only 80 properties currently for sale, purchasers have to make a decision to buy from a smaller selection of flats or houses, which in addition to prevailing market conditions means vendors can achieve top prices.

Top Sale?

With a price guide of £50m, 90-95 Piccadilly has reputedly been sold. What makes it exciting for Mayfair is that the unknown buyer has plans, it is rumoured, to reinstate No. 94, known as the ‘In and Out’ as a private house.

Mayfair Library

Whilst it is unlikely that the buyer of the In & Out would use the Mayfair Library, this underused local amenity is potentially facing closure. Videos and CDs in addition to books can be borrowed whilst other facilities include a fax service, internet access and photocopying. Wetherell would like to encourage both residents and local workers to patronise the library, as it would be a shame to loose this facility which is there for the benefit of the residents of Mayfair.

Lateral Living

As more & more people look to make their home in Mayfair, people’s desire and lifestyle is for more square footage but not necessarily more rooms, with demand greatest for properties that offer lateral living space. Given the architecture in Mayfair, properties which provide large floor plates (1,500 + square feet) are rare, especially in apartments. Whilst there are 21 three bedroom flats for sale, with an average size of approximately 1,700 square feet, the vast majority of sizeable apartments are arranged over two floors.

Council Tax

The local authority that governs Mayfair, Westminster City Council, has announced the lowest council tax in the country for the coming year. Even with the majority of Mayfair properties falling in the top two bands, this ‘occupation tax’ is not something that will adversely affect the local residential property market – on the contrary, it could draw in buyers from outside the area.
Based upon the value of the property at 1st April 1991, the valuation bands together with the new council tax rates are as follows: